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Novartis Ag-sponsored Adr (NVS) Financial News - UPDATE 2-Greenhill profit jumps as investors fret

Novartis Ag-sponsored Adr (NVS)

UPDATE 2-Greenhill profit jumps as investors fret

Keywords: Australia, Richard Chang
Quote: The results had been expected to be released later this week. Analysts, on average, had expected earnings of 33 cents a share, according to Thomson Reuters I/B/E/S. Revenue rose 9 percent to $90.8 million in the quarter, driven by a 38 percent surge in revenue from the firm's financial advisory activities. The company founded by Robert Greenhill, the former president of Morgan Stanley (MS.N) and former chairman and chief executive of Smith Barney, said deals that closed in the second quarter -- like the sale of Alcon Inc to Novartis AG (NOVN.VX) -- helped its results. The company is also advising AT&T (T.N) on its $39 billion bid for T-Mobile. "We are seeing a significant rebound in North American activity, continued strength inAustralia and the beginnings of a rebound from an extended difficult period in Europe," Chairman Robert Greenhill said in a statement. "While our current level of productivity remains far below what we achieved historically, we believe we are well positioned to return to our historic level of productivity as and when transaction activity continues to rebound."(Reporting by Michael Erman; Editing by Richard Chang)...
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